Canon Inc. plans to delist Océ N.V. from the Amsterdam stock exchange NYSE Euronext, after acquiring shares in the company currently owned by investment firm Orbis Funds, according to a press release. After acquiring Orbis’ shares, Canon’s ownership in Océ would reach 98.83% of the entire issued share capital. Océ develops, manufactures and sells printing and copying hardware and related software.
Canon Inc. (“Canon”) expresses the intention to realize a delisting of Océ N.V. (“Océ”) from the Amsterdam stock exchange NYSE Euronext, following the acquisition of the ordinary shares held by Orbis Funds (“Orbis”) in Océ (“Orbis Shares”), bringing Canon’s ownership in Océ to 98.83 percent of the entire issued share capital (including cumulative preference shares). This increased percentage allows Canon and Océ to start discussions about the delisting procedure and the timing thereof, taking into account all regulatory requirements.
Canon will also commence statutory buyout proceedings under Dutch law (“squeeze out procedure”) in due course to effect the purchase of the remaining minority shareholdings. The acquired Orbis Shares represent approximately 10.8 percent of the ordinary share capital and 8.8 percent of the entire issued share capital of Océ (including cumulative preference shares).
As stated in the Offering Memorandum dated 28 January 2010, Canon has always had the intention to ultimately acquire 100 percent of Océ’s shares. With 98.83 percent of the shares of Océ, Canon and Océ will be able to start preparing for the delisting procedure of Océ and continue to accelerate further the integration of Océ into the Canon Group, following which the combination can realize the benefits for all stakeholders involved.
Canon and Océ will provide more information on the related proceedings as and when appropriate.